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High-tech firms in County Durham could be set for a funding boost with the announcement of more cash for one support body.
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Regional development agency One NorthEast has announced that £2.4 million has been awarded to extend the Proof of Concept Fund (POC) until the end of 2009.
The POC aims to provide investment at the earliest stages of business creation and to stimulate the growth of new firms.
Malcolm Page, One NorthEast assistant chief executive, resources, said: "Funds like the POC are creating a sustainable system of support for innovative firms. Returns made from the fund’s investments are then reinvested into the region and can potentially be used to support businesses in the future."
Eight firms who have benefited from POC funding have gone on to receive additional money from the North East Co-Investment fund, a venture capital partnership, he added.
Yesterday, One NorthEast announced that it is extending the amount of funding the North East Process Industry Cluster receives.
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